The COVID-19 pandemic has ravaged economies around the world. To tackle the damages caused by the pandemic, in late 2020, the European Union created an unprecedented stimulus package to support the recovery and investment efforts of member countries. The EU recovery fund, named NextGenerationEU, is a fund created by the EU as a means to support reforms, recovery, and investments in all member states in response to the economic damages of the COVID-19 pandemic. The aim is to make member states more resilient, digital, and greener. EU leaders agreeing to create such a package was groundbreaking, as this was the first time the European Union agreed to take on common debt for the EU budget and at such a large scale. Read more here.
Source: Liberties